PROJECT

Projects

Summary of Proposed Investment

Project Number

30795

Company Name

DIAMOND BANK PLC

Date SPI Disclosed

Apr 20, 2012

Country

Nigeria

Industry

Financial Markets

Projected Board Date

Jun 27, 2012

Status

Completed

Sector

Commercial Banking - General

Date Revised SPI Disclosed

Nov 16, 2012

Department

Regional Industry - FIG Africa

Environmental Category

FI

Previous Events

Approved : Jun 27, 2012
Signed : Jul 19, 2012
Invested : Sep 13, 2012

Project Description

IFC proposes to provide Diamond Bank Plc (“Diamond Bank” or the “Bank’) with a subordinated convertible loan of up to US$70 million to support its expansion strategy, strengthen its capital base and enhance its corporate governance and risk management practices. Furthermore, it is expected to send positive signals to the market, aimed at improving confidence within the Nigerian financial sector, as well as with international investors. The Project will also provide the Bank with significant and stable long-term financing to help it grow its business.

Sponsor / Cost / Location

Development Impact